(TBTCO) – In the first trading session of the week, world gold prices fell to 2,004.4 USD/ounce – the lowest level in the past week. Domestically, although it is said to have massively decreased over the weekend, the price is still above 74 million VND/tael. The difference between the buying price and selling price is up to 1.5 million VND/tael.
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| Source: Rong Viet Online Services Joint Stock Company VDOS – Updated at 06:34 (December 11, 2023) |
World market
Surveyed at 5:00 a.m. today (Vietnam time), according to Kitco, spot gold price was at 2,004.4 USD/ounce.
Converted at the current exchange rate at Vietcombank, world gold costs about 57,848 million VND/tael (excluding taxes and fees). SJC’s gold bar price is still higher than the international gold price of 14,952 million VND/tael.
Gold prices closed last week trading at 2,004.4 USD/ounce, after reaching a record high at the beginning of the week of 2,150 USD/ounce. Gold fell sharply by more than 3% at the end of last week, causing the gold market to witness the strongest volatility since mid-August 2020.
Domestic market
This morning session, domestic gold prices were mostly kept by businesses above the mark of 74 million VND/tael, the difference between buying and selling prices was widened by businesses to the mark of over 1 million VND/tael. In particular, the difference in SJC gold at Bao Tin Manh Hai is up to 1.5 million VND/tael. Mi Hong Jewelry Company only has a difference of 700 thousand VND/tael.
Specifically, the gold price on the exchange at 5:00 a.m., some companies listed at the following mark:
SJC gold in Hanoi is listed at 72.8 – 74.02 million VND/tael (buy – sell), a difference of 1.22 million VND/tael
DOJY brand 999 gold is listed at 72.8 – 74.1 million VND/tael. The difference between buying and selling prices is 1.3 million VND/tael.
PNJ gold is listed at 73 – 74.1 million VND/tael (buy – sell), the difference in buying and selling price is 1.1 million VND/tael.
Vietinbank Gold’s SJC gold is listed at 73.1 – 74.12 million VND/tael (buy – sell), a difference of 1.02 million VND/tael.
SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded by businesses at 72.82 – 73.85 million VND/tael (buy – sell), a difference of 1 million VND/tael.
As for Bao Tin Manh Hai, it is being traded at 72.8 – 74.3 million VND/tael (buy – sell), a difference of 1.5 million VND/tael.
At Mi Hong Jewelry Company, SJC gold price is at 73.1 – 73.8 million VND/tael (buy – sell), a difference of 700 thousand VND/tael.
Forecast
Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, predicts that precious metal prices will decline next week.
Sharing the same opinion, Mr. Adrian Day, Chairman of Adrian Day Asset Management, said that although the long-term fundamental outlook is very positive, precious metals are still vulnerable to bad news after a strong increase.
Kitco News’ latest weekly gold survey shows that most retail investors still expect gold prices to rise next week, while the majority of market analysts have switched to bearish or neutral predictions. Establishing the short-term outlook for the yellow metal.
Specifically, 15 Wall Street analysts participated in the Kitco News Gold Survey and only three experts, equivalent to 20%, predicted higher gold prices next week. Eight analysts, or 53%, predict prices will decline, while the remaining four experts, accounting for 27%, have a neutral view on gold next week.
Meanwhile, 729 votes were cast in Kitco’s online polls and market participants are maintaining an optimistic outlook for the week ahead despite this week’s decline. 428 retail investors, or 59%, expect gold to rise next week. Another 167 respondents, or 23%, predicted lower prices, while 134 respondents, or 18%, were neutral on the precious metal’s short-term outlook./.
